Global Leaders Advocate For Sustainable Growth And Economic Collaboration At World Economic Forum Special Meeting In Riyadh

Riyadh: Leaders from around the world gathered in Riyadh for a two-day World Economic Forum (WEF) Special Meeting, under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. The meeting, titled "Global Collaboration, Growth, and Energy for Development 2024," aimed to facilitate discussions, exchange perspectives, and foster high-impact partnerships to address economic challenges and pave the way for a sustainable future.

In light of pressing economic issues, attendees emphasized the urgent need for global cooperation and collaborative efforts to boost sustainable economic growth. Acknowledging the rapid pace of technological advancements and evolving geopolitical landscapes, leaders stressed the importance of wise and inclusive utilization of technology to not only drive economic growth but also address systemic issues.

The discussions during the WEF meeting encompassed various topics, including artificial intelligence, cybersecurity, renewable energy, and the logistics sector, among others. Leaders engaged in insightful deliberations to explore strategies and solutions for economic growth, job creation, and opportunities that are fair and inclusive, ultimately leading to stronger economies.

Saudi Economy Minister Faisal Alibrahim highlighted the persistence of slow global economic growth and emphasized the equitable distribution of technology as a vital factor that can spur growth in less developed countries. During the final plenary session, Alibrahim announced that Saudi Arabia has joined the AI Governance Alliance and will co-launch the 'Inclusive AI Initiative for Growth and Development,' aimed at promoting AI access and adoption while developing solutions to address associated challenges.

Alibrahim further elaborated on Saudi Arabia's rapidly growing non-oil sectors since the inception of Vision 2030, emphasizing the nation's commitment to building a diverse economy driven by productivity. He also underscored Saudi Arabia's readiness to adapt and leverage AI technologies to foster economic advancement.

Moreover, in discussing the conflicts that have plagued the Middle East, Alibrahim emphasized that achieving peace in the region would propel economic progress.

Addressing the gathering, Kristalina Georgieva, Managing Director of the International Monetary Fund, expressed the need for a transformative approach to the global economy. She called for leaders to work towards wealth creation with a better distribution of the benefits of growth over the next century, building upon the achievements of the past century.

The WEF Special Meeting in Riyadh served as a platform for visionary leaders to collaborate, exchange insights, and forge partnerships that will shape the economic landscape for years to come. By championing sustainable growth and economic collaboration, the participants are endeavoring to unlock the potential for a prosperous and equitable future.